Strong presales, soft revenue; margins hold

₹787 Cr vs ₹657 Cr Q1 FY26 = 20% YoY confirmed

₹409 Cr vs ₹351 Cr Q1 FY26 = 17% YoY confirmed

₹67 Cr EBITDA at 35% margin confirmed; Q1 FY26 margin ~25.5% implied

PAT growth 25.5% confirmed; margin 20.8% per delivered result, not 22%

Q1 FY27 presales 20% YoY; full-year target 25-30%; revenue only 1.7% YoY

Prior: 25% FY26; Call: 25-30% FY27. In-line. Q1 delivered 20%, implying H2 needs acceleration to meet full-year target.

Prior: 35-40% range; Delivered: 35% on reported EBITDA, embedded 35-40% on presales. At floor of prior guidance.

Prior: Expected FY27 launch; Now: Timing recalibrated due to ongoing situation, uncertain whether FY27 or FY28.

Still pending. Collections upside deferred until approval and construction start. Material driver but timing uncertain.

Q1 spent ₹170 Cr; FY26 full-year ₹800+ Cr. FY27 target to surpass prior year, signaling aggressive M&A pipeline.

Project is launch ready with all regulatory approvals. Timing recalibrated due to ongoing situation. Land parcel is prime (next to Dubai Mall, Burj Khalifa). Investment ₹200-225 Cr so far; no debt. Highly profitable irrespective.

Excluding Dubai ₹9,000 Cr, to-be-launched ₹7,100 Cr expected in FY27. Projects: ODC, Andheri, Mira Road 2, Vasai (1 tower), Naigaon (1-2 towers). All targeted for FY27 launch.

Will match 25-30% guidance for FY27 full year. Q1 delivered 20%, but full-year confidence remains high due to strong pipeline. No FY28 guidance given.

Lower interest rates and recovery signs. Mainly from Naigaon and Kalyan projects. Bullish on Kalyan recovery. Large GDV there; want to monetize early.

Trailing 12-month collections ₹1,500 Cr. Expect 25-30% growth in FY27. Nepean Sea RERA approval will unlock big collection bump. Bigger collections once construction starts.

Q1 spent ₹170 Cr on Nepean Sea, Mira Road 2, redevelopment. FY26 was ₹800+ Cr (highest); expect to surpass in FY27 due to strong balance sheet and market opportunity.

Sunteck OneWorld, additional floors in 4th Avenue, 1st Avenue, Pinnacle. All completed in 3-6 months, then monetized in FY27. Substantial large delivery expected.

Enabling resolution only, taken every year. No fundraising planned as of now. Maintaining strong balance sheet discipline.

Good catch. We'll correct the presentation. To-be-launched should include projects in approval process, approved, or ready to launch. You're correct.

Residential construction started; deliver in 3 years. Commercial to start soon; 24-30 months to complete. Spatial commercial focus.

Management emphasizes cash-flow business model. Revenue recognition deferred. Collections-driven growth 25-30% FY27 expected as presales convert.

FY26 and Q1 FY27 presales carry embedded 35-40% margins. Will flow to reported P&L as projects reach revenue recognition. Q1 delivered at floor (35%).

Aggressive acquisition strategy on strong balance sheet. Q1 deployed on Nepean Sea, Mira Road 2, redevelopment. Full-year to surpass FY26.

Presales ₹787 Cr (+20% YoY) not translating to revenue growth (1.7% YoY). Cash-flow model creates disconnect between presales and P&L. Q4 FY26 spike (inferred ₹339 Cr revenue) now a tough comp; Q1 FY27 result weak by comparison.

Dubai project (₹9,000 Cr GDV) remains 'launch ready' but timing recalibrated due to 'ongoing situation' (geopolitical/macro context vague). Only ₹200-225 Cr invested so far. Delay could push launch to FY28, material impact on presales growth guidance.

Nepean Sea (luxury redevelopment, high-margin) RERA approval pending. Management flagged as 'bigger collection' driver once construction starts. Delayed approval could defer H1 FY27 collection expectations to H2.

₹170 Cr spent in Q1 (on track to exceed ₹800+ Cr FY27 total). Large BD pipeline (Nepean Sea, Mira Road 2, redevelopment) requires successful regulatory approvals, launches, and presales conversion to justify spend. Integration execution risk across multiple projects.

79% of Q1 presales concentrated in luxury (Uber 29% + Premium 50%). Heavy skew towards high-end segments vulnerable to demand softness, interest rate spikes, or macro contraction affecting affluent buyer sentiment.